Bitcoin is a Bubble

[snakedafunky]

I think Bitcoin will be the future. Could be a different cryptocurrency but the whole blockchain thing and with it, a currency is just too convenient not to catch on.

If anyone wants to make a reasonable gamble of becoming rich in 20 years or so I recommend to buy a few bitcoins now.
You could be looking at a seriously high BTC price down the line. If they end up using Bitcoin to execute request for self-driving cars as an example.
Or another cryptocurrency comes around but at this point BTC already has a big advantage.

 

[TheGreatA]

As long as there is illegal drugs/arms trade, bitcoin will have value.

 

[7437]

Because only things we eat have value.. Gold doesn't tarnish. Many people wear it as jewelry. It has a few industrial uses. Bitcoin don't exist. Soon the government will be able to track ypur bitcoin use anyway I'm sure. Making one of its best characteristics, the secretive nature of it, vanish.

Bitcoins dont tarnish.

 

[mike sherry]

I think we've seen this 1000 times before. It's a currency without backing. They've gone to zero every single time. Gold has held value for thousands of years and yet this digital currency is worth more? Bubble. I'll profit off of it by holding the dollar. Despite all logic the dollar actually looks to be a decent position compared to other currencies. At some point I'll by silver, gold. Maybe even bitcoin. But I'll wait till this bubble bursts.

except bitcoin is backed by the security of the underlying blockchain technology

The guy that created bitcoin was on the Joe Rogan Podcast last year.

He talked about how "IT IS the future and it just takes time to grow on everyone." "People in the 1800s rejected paper money at first but the finally gave in," etc etc etc.

uh, no it was not the creator. no one even knows who satoshi is

 

[snakedafunky]

Bitcoins dont tarnish.

except bitcoin is backed by the security of the underlying blockchain technology

Probably the biggest issue with Bitcoin is that it's difficult for people to understand that don't have much tech knowledge.
I recommend to my dad around a year ago to put some money into Bitcoin. He has heard about it before but didn't' really know what it was.

I am not an expert but I do get all the basics pretty much. I tried to explain it to him. And he ended up investing some money.
But he still doesn't really get it. Unless you have a basic understand of how tech works it's difficult to understand blockchain technology.

The other issue was the secure storage of the BTC. We ended up making a paper wallet. But that by itself is difficult to do.
IMO more money would go into BTC if they would somehow come up with an easier way to store the BTC long time.

 

[Thunderflash500]

except bitcoin is backed by the security of the underlying blockchain technology


uh, no it was not the creator. no one even knows who satoshi is

Blockchain tech doesn't back bitcoin. Nothing does. It's only value that I see is that it's currently hard to track, and nobody can't make more of them. But that isn't justification for a $1300 price tag.

 

[Thunderflash500]

Bitcoins dont tarnish.

Ok...

 

[freaky]

any digital can be hacked. Since it's digital, it will be hard to trace too. What's stopping people from "creating" their own bitcoin? There's no physical evidence. No paper trails. I don't understand how all this works but I'm sure some high level hacker can easily hack it to give himself a million bitcoins like any video game currency.

 

[44nutman]

As long as there is illegal drugs/arms trade, bitcoin will have value.

And offshore betting when you live in the US

 

[snakedafunky]

any digital can be hacked. Since it's digital, it will be hard to trace too. What's stopping people from "creating" their own bitcoin? There's no physical evidence. No paper trails. I don't understand how all this works but I'm sure some high level hacker can easily hack it to give himself a million bitcoins like any video game currency.

No, you can't hack it. Well technically you can but not with the technology available today. You would need a different kind of computer system to hack it.
You have to understand the Bitcoin wallet and private key (sort of your account password).
Now someone could hack into your PC and steal your private key like they could do with your credit card details or PayPal password.
But the Bitcoins themselves can't be hacked. At least not with the technology we have today.

 

[JonesBones]

I remember when Baseball cards started taking off in the 1980s and by 1990 it was a huge business with Billy Ripken error card, newer companies like Upper Deck with quality designs, and the beginning of the rare cards in RNG packs.

But by 2000 the industry and collecting collapsed. Fantasy leagues replaced the need to collect cards to keep people's habitual interest in the games satiated.

Card collecting is somewhat popular as a niche. But it's nowhere near as popular as it was in the per-internet era.

Whether or not Bitcoin can have staying power, is really dependent on how much trust you have in how it's kept, moved, and protected.

I honestly still prefer Gold as a stable investment currency. Just because it's something you can intangibly hold in a safety deposit box, or safe.

About baseball cards, I also think it had to do with there were so many collectors. Our parents and grandparents cards were worth money because not as many people collected them, much less tried to preserve them or think they were worth anything. I mean, weren't one of the biggest uses of cards to put in your bike spokes to make a noise when you ride your bike? Then everyone started collecting cards and treating them like precious jewels, and we got inflation and then collapse. lol.

 

[mike sherry]

Blockchain tech doesn't back bitcoin. Nothing does. It's only value that I see is that it's currently hard to track, and nobody can't make more of them. But that isn't justification for a $1300 price tag.

Yes, It does 'back' bitcoin. The value of bitcoin is absolutely tied to the security of the blockchain.

Bitcoin is a store of value just like anything. Just because YOU cannot understand why a non physical entity is worth something means you have not tried to actually understand what the blockchain actually is.

If you think this is a bubble sure, it might bust and go back down to 700 a bitcoin. Bitcoin has a hard limit of 21 million coins...so as long as the security behind the blockchain is intact, it will continue to go higher and higher in the long run.

 

[Thunderflash500]

Yes, It does 'back' bitcoin. The value of bitcoin is absolutely tied to the security of the blockchain.

Bitcoin is a store of value just like anything. Just because YOU cannot understand why a non physical entity is worth something means you have not tried to actually understand what the blockchain actually is.

If you think this is a bubble sure, it might bust and go back down to 700 a bitcoin. Bitcoin has a hard limit of 21 million coins...so as long as the security behind the blockchain is intact, it will continue to go higher and higher in the long run.

You can make a hundred coins systems with block chain technology. You can make a system with 10 million coins. Makes no difference. It's a confidence game backed by a certain amount of utility. Like buying drugs. Or transferring large sums of cash easily.

 

[EGarrett]

The price of a Bitcoin is higher now than an ounce of gold. This is hilarious to me. How is something that doesn't exist end up being worth more than gold? "But it has value, It's a digital currency. " The dollar is a digital currency. "But it can't be manipulated by central banks." Perhaps the best argument. But it's still a currency backed by nothing but confidence. This is called mass speculation. It's not that i think its value should be zero. But worth more than gold? Nah. Bubble that'll crash.

Am I wrong?

People who know nothing about Bitcoin nor how its value works have been claiming this for years. I've been telling them they were clueless for years on various forums. The posts are still there. I've been proven right every single time and every single one of the people claiming it wouldn't work has disappeared. You don't want to join that list.

 

[lecter]

I know everything about bitcoin and cryptocurrencies.
Tremendous knowledge. That I can tell you.
But I'm too lazy to talk about it right now.

 

[mike sherry]

You can make a hundred coins systems with block chain technology. You can make a system with 10 million coins. Makes no difference. It's a confidence game backed by a certain amount of utility. Like buying drugs. Or transferring large sums of cash easily.

yep, there are currently hundreds of altcoins that are built on the bitcoin blockchain. they all have value tied to bitcoin. the fact they are way easier to mine make their currency rate like 100,000 dodgecoins to one bitcoin...probably more than that honestly

I wont lie that buying drugs is a big part of why bitcoin will always have a high demand

 

[Thunderflash500]

People who know nothing about Bitcoin nor how its value works have been claiming this for years. I've been telling them they were clueless for years on various forums. The posts are still there. I've been proven right every single time and every single one of the people claiming it wouldn't work has disappeared. You don't want to join that list.

It's only been around for a short time. Saying you're right might be premature.

 

[Thunderflash500]

I know everything about bitcoin and cryptocurrencies.
Tremendous knowledge. That I can tell you.
But I'm too lazy to talk about it right now.

Assuming this is true, where do you see bitcoin value being in terms of gold. 1 bit coin to one ounce? 1 bitcoin to ten ounces?

 

[mike sherry]

Assuming this is true, where do you see bitcoin value being in terms of gold. 1 bit coin to one ounce? 1 bitcoin to ten ounces?

I don't understand why you seem to think 1 bitcoin has to be compared to 1 ounce of gold?

why not 1 satoshi to 1 ounce of gold? why not .25 bitcoins to 1 oz of gold?

1 gram of gold is about the smallest you can buy of gold. The smallest amount of bitcoin you can buy is currently .00000001 bitcoin.

Arbitrary comparison.

 

[Thunderflash500]

I don't understand why you seem to think 1 bitcoin has to be compared to 1 ounce of gold?

why not 1 satoshi to 1 ounce of gold? why not .25 bitcoins to 1 oz of gold?

1 gram of gold is about the smallest you can buy of gold. The smallest amount of bitcoin you can buy is currently .00000001 bitcoin.

Arbitrary comparison.

Because right now it IS 1 bitcoin for one ounce of gold. That's what I'm saying makes no sense. That's what my argument is. If it was 1 bitcoin to .0000001 ounce gold that would make more sense. The value bitcoin gives me isn't worth an ounce of gold. That's why to me I think it's a bubble.